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EUR/AUD back above 1.4500 and rising

FXStreet (Moscow) - EUR/AUD has gained about 100 pips on the day so far; the cross started the Asian session at 1.4435, broke above 1.4500 resistance and settled at 1.4535 on the back of Aussie slide.

Recovering losses

EUR/AUD lost more than 100 pips on Tuesday on the back of Aussie technical rebound coupled with EUR sell-off across the board. Though it seems that EUR/AUD bears are not that determined after all as the cross resumed its upside movement and has already recovered most of yesterday’s losses. Disappointing Australian retail sales stopped nascent technical rebound of the Australian currency. Aussie is under strong pressure against USD, which influences EUR/AUD dynamics. Later during the day keep an eye at 1.4585 as this resistance might cap the upside. The nearest support is seen at 1.4500.

What price levels and patterns have to be considered?

Current price is 1.4534, with resistance ahead at 1.4545 (Monthly High), 1.4545 (Weekly High), 1.4547 (Daily Classic R1), 1.4552 (Daily High) and 1.4572 (Weekly Classic R1).

Next support to the downside can be found at 1.4493 (Hourly 100 SMA), 1.4481 (Daily Classic PP), 1.4473 (Hourly 20 EMA), 1.4467 (Hourly 200 SMA) and 1.4463 (Weekly Classic PP).

USD/JPY: 110.00 pivot held the initial test

USD/JPY spiked to a new multi-year high at 110.08, but failed to hold ground and slides towards its current level of 109.93 as the reported offers put a lid on further upside.
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